How To Rethink Your Budget With Just One Income
A: If you lost your health insurance, be sure to replace it, says Laura Rotter, a financial planner in Harrison, N.Y. If you have insurance through your job, a job loss generally qualifies you for special enrollment under the Affordable Care Act. Other options may include electing Cobra insurance or being added to your spouse’s employer-based health insurance. Make sure you both have life insurance, Ms. Rotter says. If the breadwinner isn’t already signed up for long-term disability insurance, now is the time to do so, says Lorenzo Sanchez, a financial planner in San Diego. “Disability insurance is a big safety net that everyone should have in place,” he says.